Casino has just released Q3 15 sales
slightly above expectations. As usual, it is obviously possible to regard a
glass as either half full (France) or half empty (International). Nevertheless,
the majority of listed subsidiaries had already released their own statement.
Hence, theoreticaly, today’s focus should be on France which turned out to be
strong (+2.4% LFL excl. fuel and cal. vs+1.2%e). Beyond today’s figures, we
have to admit we sometimes struggle to see the push that could give a decisive
impetus to the short term equity story (due to Asia’s new-found weight in
Casino’s SOTP (~40%), it is very important that latent Asian growth worries –
LFL worked out at -4.7% vs -3.5% e – do not weigh too heavily on investor
sentiment). Nevertheless, short-term hurdles do not wipe out a longer term
conviction and we see an opportunity for investors whose investment horizon is
over the long term.